Since the Income Elasticity for Food Is Estimated to Be

question 17

Multiple Choice

Since the income elasticity for food is estimated to be 0.51, it appears that the proportion of income spent by poor people on food is ____ the proportion spent by those with higher incomes.

• A) greater than
• B) less than
• C) about the same as
• D) about half as great as

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Definitions:

Closing Sales

The final step in the sales process where the salesperson secures commitment from the buyer, resulting in a completed purchase.

Salespeople Difficulties

Challenges faced by sales professionals, including rejection, meeting sales targets, and managing customer expectations.

Summary-of-benefits

A concise presentation or list detailing the advantages or positive outcomes of a product, service, or proposal.

Indecisive Prospect

A potential customer who is hesitant or struggles to make a purchasing decision, often requiring additional information or reassurance from a salesperson.